Market direction in fashion (5)
I believe the answer is:
trend
This clue is a double definition.
'market direction' is the first definition.
(I've seen this in another clue)
'fashion' is the second definition.
(I've seen this before)
'in' is the link.
(Other definitions for trend that I've seen before include "turn" , "Fashion; general drift" , "Popular current taste" , "Direction, tendency" , "The way things are going?" .)